Italy’s trade surplus widens to €4.94 billion in February despite export dip
April 17, 2026
Weak EU demand drags exports even as imports fall faster, boosting overall surplus
Italy's trade surplus grew to €4.94 billion in February, exceeding analyst expectations and expanding from the €4.4 billion figure recorded in the same month last year. The positive balance of trade, reported by the national statistics office ISTAT, occurred despite a slight year-on-year decline in exports, painting a complex picture of the nation's economic interactions with the rest of the world. The result surpassed forecasts which had anticipated a surplus closer to €3.8 billion. This development follows a pattern seen earlier in the year, where a sharp reversal from a deficit in January 2025 led to a surplus in January 2026, setting a cautious but positive tone for the first quarter.
The expansion of the surplus was primarily driven by a more significant drop in imports compared to the dip in exports. Overall imports fell by 1.3% year-on-year to €48.8 billion, while exports decreased by a marginal 0.2% to €53.8 billion. A key element in this dynamic was a reduction in Italy's energy deficit, which helped to offset a narrower surplus in the trade of non-energy goods. The data suggests a level of resilience in Italian industry, maintaining a strong positive trade balance even as global and regional economic conditions present headwinds.
A notable divergence has appeared in Italy's trading patterns between its European Union partners and markets further afield. Exports to EU nations saw a 2.9% decline, with significant drops in shipments to major partners like Germany and Spain. In contrast, exports to non-EU countries rose by 2.8%, bolstered by increased demand from the United States, Switzerland, and OPEC nations. This geographical split highlights a strategic pivot for Italian exporters who are finding growth opportunities outside of a more subdued European market. On a sectoral level, the performance was mixed, with declines in transport equipment being counteracted by strong gains in basic metals.
The February figures build upon a trend of consistent trade surpluses for Italy, which was briefly interrupted in 2022 by soaring energy costs. The current situation, with falling import costs, particularly for energy, has been beneficial for the country's trade balance. Imports from both EU and non-EU partners decreased, signaling a slowdown in domestic demand for foreign goods but also reflecting the lower cost of essential commodities like energy. This trend comes after a subdued start to the year in January, where both imports and exports contracted on a year-on-year basis amid weaker non-EU demand.
Looking ahead, these trade figures will be a crucial input for Italy's economic planning. Government and business stakeholders will be closely watching whether the strength in non-EU markets can continue to offset the softness within the single market. The data provides a degree of optimism for Italy's overall economic outlook, which is projected to see modest growth in 2026. For Italian businesses, the imperative will be to navigate the differing economic climates in their key markets, capitalizing on growth in areas like the U.S. while managing the challenges of a weaker demand from some of its closest European neighbors.
Source: firstpost